Sands China Prices $1.0B Senior Notes Offering to Refinance 2027 Notes

Event Overview

On October 27, 2026, Las Vegas Sands Corp. (NYSE: LVS) furnished a Current Report on Form 8-K under Item 8.01 (Other Events) announcing that its majority-owned subsidiary, Sands China Ltd., has priced a dual-tranche debt offering totaling $1.0 billion in aggregate principal amount of senior unsecured notes.

Offering Details

• Tranche 1: $700 million aggregate principal amount of 6.400% Senior Notes due 2032
• Tranche 2: $300 million aggregate principal amount of 6.700% Senior Notes due 2033
• Estimated Net Proceeds: Approximately $989 million (net of discounts and offering expenses)
• Expected Settlement Date: November 3, 2026, subject to customary closing conditions
• Exchange Listing: Sands China proposes to list the notes on The Stock Exchange of Hong Kong Limited and has obtained an eligibility letter.

Use of Proceeds

Sands China intends to use the net proceeds together with cash on hand to:

1. Redeem in full the outstanding principal amount of its $700 million 2.300% senior notes due 2027 plus accrued interest.
2. Repay borrowings outstanding under its 2024 SCL Revolving Facility.
3. Fund general corporate purposes, including capital expenditures across its Macao resort portfolio.

Financial & Strategic Impact

• Maturity Extension: The transaction extends Sands China's debt maturity profile from 2027 out to 2032 and 2033, lowering near-term refinancing risk.
• Interest Expense: Replacing the 2.300% 2027 notes with 6.400% and 6.700% paper reflects the higher interest rate environment, which will increase annualized cash interest expenses for the subsidiary.
• Liquidity: Paying down the revolving credit facility restores borrowing capacity under existing credit lines, maintaining balance sheet flexibility for operational and capital project needs in Macao.